This past week we in the real estate industry seem to be of two minds. It seems all the Realtors are holding the same half full glass of water and we are debating the age old question of is the glass half full or is it really half empty.
Some Realtors are trying to hold offer dates and others are trying to list where they think a property’s market value lies. Some are still thinking about the market softening after the April ‘peak’ and others are looking for a new peak this Fall. After watching the steady increase in freehold properties being sold above their listed price this last week we are definitely leaning towards the half glass full philosophy. One thing everyone does seem to agree on is that there is a bit of a lack of quality listings coming to the market.
In the freehold market new listings tailed off a bit last week with 259 new listings coming to market compared to 306 in the previous week. The percentage of freehold properties selling above their listed price increased from 40% to 49%. The hottest product was the $700,000-1,500,000 price range in the east end where 66% of properties sold above their advertised price. The same category in the west end showed 50% of listings sell above their advertised price and in the central core the number becomes a more modest 38%.
In the condo market new listings have seem to hit a stable number with 314 new listings last week compared to the 337 the week before. The hottest segment of the condo market is also in the $700,000-1,500,000 but overall there was a decline in the number of condos that sold above their advertised price. Last week saw an easing off of condos that sold above their listed price coming down 6% from the 40% of properties the previous week. With 34% of all condos last week selling above their advertised price the condo market seems to be settling into a nice groove for the Fall market.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.